we've seen pretty dovish comments from john williams. and we've seen the evans rule talking about 3% inflation target. so even though everyone is talking about the better growth outlook, should we expect more stimulus from the fed? >> yes, i think you should. since the september meeting, it's been our expectation that they would convert these purchases of treasuries in to an open-ended purchase program. so that would mean starting next year, the fed is add to go the balance sheet at a rate of about 85 billion a month and we would agree we think the fed will buy throughout 2013 and purchases would amount to about $850 billion or so over the course of the year. >> if we were to get the grand bargain on the fiscal situation, would that mean the fed does no more? >> i don't think so. the fed has said we're willing to accept some higher inflation so long as we make progress. but i don't think it will change it plan. >> why is it we're seeing despite growth concerns that the central bank is basically onle hold, it doesn't think qe is work some